Real Estate tips: Housing price - More than what meets the eye
Car parking: Legally, the developer cannot sell open or stilt space for parking. However, charges for closed or podium parking has no upper limit. The standard range in a high rise project in metros ranges anywhere from Rs 7 lakh to Rs 20 lakh, and in some cases even touches Rs 40 lakh. This is a compulsory expense.
Clubhouse: Another mandatory cost. Almost all big projects have club houses. The burden is further divided into two segments: clubhouse construction and club membership charges, usually a one-time payment for life.
Society and connection: This includes society formation charges, share money, legal charges etc which leads to around Rs 2 lakh on an average. This is a statutory charge. However, several developers are charging extra for electricity and water connections and provision for piped gas.
Maintenance: Developers are charging maintenance fee for one to two years in advance, even before possession. The estimated maintenance cost for a high rise project in a metro city would range from Rs 10-20 per sq ft per month,
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